Why KB Home Stock Was Stacking Higher Today
Shares of KB Home (NYSE: KBH) were climbing today after the company reported better-than-expected results in its fourth-quarter earnings report last night. As a result, the stock was up 4.5% as of 11:34 a.m. EST after gaining as much as 10.6% earlier in the session.
KB Home, one of the nation's largest homebuilders, reported revenue down sharply, due to constraints from the coronavirus pandemic, but strong growth in demand and its order backlog. Revenue in the quarter fell 23% to $1.19 billion, a reflection of a dip in orders and supply chain challenges during the early months of the pandemic, but that still topped expectations at $1.14 billion. Homes delivered in the period fell 26.8% to 2,876, but the average selling price rose 5% to $413,700.
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Source Fool.com
